The building, made between two streets in order to eliminate the altitude difference, is a tower containing two elevator cages. There is an altitude difference of 50 m between those 2 streets and the other way to overcome this difference is to climb a staircase with 155 steps. Therefore in 1907, a Jewish businessman “Nesim Levi” had this elevator constructed in order to facilitate the transportation.

The elevator building has 3 floors. In the First World War, the lower floor of the elevator was used as a casino, the middle floor was used as a photo gallery and the upper floor as a cinema. The elevator was leased to various people in time.

In 1942, it was sold to Şerif Remzi Reyent, the businessman who introduced the fig to the world. In 1960, as a result of disagreement between İzmir Municipality and Şerif Remzi Reyent, the elevator was closed and started to be used as a warehouse. Şerif Remzi Reyent died in 1973 and the elevator was abandoned. Şerif Remzi Reyent's niece Ayla Ökmen donated the building to the Municipality of İzmir.

The elevator, which has been in tact for 105 years, continues its function nowadays as a café, bar and restaurant with its unique view and attracts many tourists.

Famous artist from İzmir, Dairo Moreno lived in this neighbourhood and the street where elevator is located is named after the artist.